During the general session of the Senate on Sunday, Engineer Sherif El-Shorbiny, Minister of Housing, Utilities, and Urban Communities, discussed the diverse ways the ministry manages its portfolio of assets, including residential units and land for various activities.
Speaking about real estate exports, El-Shorbiny emphasized the importance of this file, stating, “Exporting real estate is one of the critical areas we are focusing on at the Ministry of Housing. We are considering the establishment of investment funds with our Arab partners, particularly from the UAE and Saudi Arabia, as we have identified a significant demand for real estate and land.” He also mentioned plans to create a local fund to manage land portfolios and promote residential units at conferences, with the goal of enhancing the concept of real estate exports.
El-Shorbiny added, “Through Egyptian companies, we aim to implement several projects across Africa, focusing on reconstruction efforts.”
Regarding building permits, the Minister addressed the impact of recent regulatory changes. “Following the removal of certain restrictions, there is nothing preventing the issuance of permits according to Unified Building Law No. 119. We have communicated with governors and relevant authorities to activate the law and ensure the issuance of permits,” he explained.
Additionally, El-Shorbiny highlighted the growing acceptance of mixed-use developments combining residential and administrative spaces. He noted that after finalizing and approving the latest amendments to the law, this approach would be fully implemented. Until then, the existing legal framework remains in force.